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FLORIDA - Florida homebuyers continue to make larger down payments than many buyers across the country, according to a new housing market report that highlights ongoing affordability challenges in several of the state's largest metro areas.
The analysis from SmartAsset found that the typical U.S. homebuyer made a 15% down payment in March, a slight decrease from the previous year as home price growth slowed and the number of homes for sale increased.
The median down payment nationwide also declined as buyers gained more negotiating power in a less competitive housing market.
Several Florida metropolitan areas remained above the national average.
Buyers in Miami and West Palm Beach typically put down 20 percent of a home's purchase price, while Fort Lauderdale buyers averaged 16%.
In Orlando, the typical down payment was 14%, followed by Tampa at 10% and Jacksonville at 9%.
The report also found that Tampa and Miami were among the few major housing markets where down payment percentages increased compared with the same period last year.
Analysts said higher home prices in those areas continue to require buyers to bring more cash to closing, even as competition has eased in many parts of the country.
Housing experts said some buyers are choosing to make smaller down payments to preserve savings for moving expenses, home repairs and other costs associated with purchasing a property.
Even so, today's down payments remain significantly higher than levels seen before the pandemic because home values continue to exceed pre 2020 prices in many markets.
The report indicates that while the housing market has become more balanced, Florida buyers still face higher upfront costs than many homebuyers nationwide.